The deal hands MannKind access to scPharma’s Furoscix heart and kidney therapy, a product with a U.S. market potential estimated at over $10 billion.
Wall Street issued mixed calls on scPharmaceuticals on Monday after MannKind said it would buy the former in a deal that could total $360 million, or approximately $6.35 per share if all milestones are met.
The deal represents a 31% premium to scPharma’s last closing price before the announcement.
After the news, Craig-Hallum pulled back its rating on scPharmaceuticals, shifting it from ‘Buy’ to ‘Hold’ and setting a price target of $6.
Craig-Hallum noted that shareholders are entitled to receive $5.35 in cash per share, along with the potential to receive up to an additional $1 in cash per share from future milestone payments and the firm expects a majority of the CVR value to be paid out over time.
Maxim Group also downgraded scPharmaceuticals to ‘Hold’ from ‘Buy’ following the acquisition agreement under the same terms.
By contrast, H.C. Wainwright reiterated a ‘Buy’ rating on MannKind with a $9 price target, saying the acquisition strengthens MannKind’s revenue base and expands its reach into cardiorenal medicine. The firm described the price paid as “very reasonable.”
The acquisition gives MannKind access to Furoscix, scPharma’s FDA-approved on-body infuser delivering furosemide to treat fluid overload in patients with chronic heart failure and chronic kidney disease.
MannKind estimates Furoscix has a total addressable U.S. market of more than $10 billion.
scPharma has been expanding its commercial footprint, reporting $27.8 million in net sales for the first half of 2025, a 96% increase year over year, driven by a larger sales force, growth in nephrology, and new integrated delivery network accounts.
Its Furoscix ReadyFlow Autoinjector is expected to be filed for FDA approval in the third quarter of 2025, potentially reducing administration time from five hours to less than 10 seconds.
The deal is expected to close in the fourth quarter of 2025 pending regulatory approval.
At closing, MannKind will also repay and retire scPharma’s credit facility and revenue-sharing obligations to Perceptive, totaling about $81 million if completed by Sept. 30, 2025.
On Stocktwits, retail sentiment was ‘extremely bullish’ amid ‘extremely high’ message volume.
On Stocktwits, retail sentiment was ‘extremely bullish’ for scPharmaceuticals with ‘extremely high’ message volume, while sentiment for MannKind was ‘bullish’ with ‘high’ message volume.
One user remarked that it was unusual to see a smaller company like MannKind buying a larger one, calling the deal “bizarro territory.”
Another user noted that the acquisition would eliminate scPharmaceuticals’ heavy sales and marketing costs, saying they were beginning to appreciate the efficiency gains MannKind could achieve by folding those operations into its own.
While scPharmaceuticals’ stock has risen nearly 56% so far in 2025, MannKind’s stock has declined nearly 40% over the same period.
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